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Tom McLeod, and one of the top strategic priorities of Australia’s finance regulator, the Prudential Regulatory Authority (APRA), is cybersecurity.
APRA regulates 133 deposit-taking institutions that manage $6.6 trillion in assets. Its mandate is to provide Australians with the safe and stable financial system. Critical to the Australian community’s financial well-being and the long-term growth of the Australian economy.
Cyber is a systemic risk to the financial sector and financial markets, and the threat faced by financial institutions is increasing. In 2025-2026, the APRA plans to prioritise supervisory engagements and assess entities’ progress in uplifting cyber resilience. Evaluating cyber controls, single points of failure, and processes. With a focus on superannuation trustees, insurers, and smaller banks. It will review cyber incident response and coordination, and information sharing between industry and government. APRA will work with entities to develop a system-wide view of entities’ reliance on third-party service providers. Finally, it will focus on emerging risks such as AI through targeted supervisory reviews to better understand emerging AI practices and the risks associated with AI.
The 2025-2026 priorities indicate that oversight and assurance of cybersecurity and cybersecurity risk are an increasing priority for regulators.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC Australian Prudential Regulation Authority
#cybersecurity #cyberriskmanagement #cyberregulation
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